What do you think of this.....this is great news!
Legacy/Videocall Effects $10 Million Property
Acquisition
LOS ANGELES--(BUSINESS WIRE)--Sept. 28, 1998--Legacy Software Inc. (Nasdaq:LGCY - news; Nasdaq:LGCYD -
news) Monday announced a major acquisition effected by its wholly owned subsidiary Videocall International Corp.
Videocall, recently acquired by Legacy, has entered into a Letter of Intent with Sacramento Results Inc., of Mesa, Ariz., to
acquire in entirety the commercial property asset known as ''Town And Country Village West,'' located in Sacramento, Calif.
The property comprises 130,000 gross square feet, with 111,400 net leasable, on 6.36 acres of prime land. The property consists
of a two-story retail/office property with approximately 50% U.S. and California Government agency leases, including the U.S.
Postal Service, Social Security, and the Department of Labor. There is currently 32,766 square feet available for leasing. The
estimated value of the Property Asset is $10 million. The transaction, which is due to close in 30 days, is an all stock purchase.
Michael J. Zwebner, the company chairman, stated that ''This acquisition is fundamental to the development of the company.
There is some $6 million in net equity value in the property, which goes directly to the bottom line of the company's balance
sheet. Videocall plans to utilize some of the available office/retail space to set up its Western USA operations center, thus
continuing with the rapid expansion policy of the company in siting retail locations around the country and overseas.''
Videocall is in the business of videoconferencing/videocalling, and is in the process of establishing a global network of ISDN/
Internet-linked retail locations to enable the public at large the facility of videocalling each other on a global basis. The company
plans to commence retail operations by late October, 1998, and to have up to 2,000 sites established worldwide by the end of
1999.
Except for historical information contained herein, the statements in this release (including without limitation, statements indicating
that the company ''expects,'' ''estimates,'' ''anticipates,'' or ''believes'' and all other statements concerning future financial results,
product offerings or other events that have not yet occurred) are forward-looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934,
as amended, and Section 27A of the Securities Act of 1933, as amended. Additional information on these and other factors are
included in the company's Form 10-K for the Fiscal Year ended Dec. 31, 1997, as filed with the Securities and Exchange
Commission.
Contact:
Legacy Software Inc.
William Sliney, 310/448-0406 |
